Timeline for Real Estate Courses differ from province to province. In Alberta, there is a specific timeline set by the authorities for applicants who want to enroll for Real Estate Courses.
In Alberta, RECA (Real Estate Council of Alberta)is the governing body responsible for the functioning of the real estate market.
RECA ensures that licensees are competent, ethical, professional, and valuable to their customers. It does this through education standards and licensing, information, and regulatory compliances.
The first step for becoming a Realtor® is to meet theMinimum Eligibility Requirementsas well as pass the Alberta Real Estate Exams issued by RECA.
As a part of the minimum eligibility requirements, there are certain Educational Qualificationsrequired by RECA. The educational qualifications are different for Immigrants and Born Canadians. Our earlier posts have a detailed description on them.
Once you meet all the eligible criteria including accessing your education and English language proficiency from IQAS(required in some cases for Immigrants), you can then successfully apply with RECA for the Real Estate Pre-Licensing Education.
You have to apply for a minimum of 2 Courses with RECA in order to apply for the Pre-licensing Education.
1. Course 1 – Fundamentals of Real Estate Course
The Fundamentals of Real Estate Course gives you the foundational knowledge and skills that you would need to practice real estate in Alberta. It’s anOnline Self-Study Course from RECA.
The cost for this course is $1250. There are10 units in this Course.
Timeline for Course 1 –You get a total of 6 monthsto complete this Course as per RECA guidelines.
2. Course 2 – Specialization Courses (Choose at least 1)
There are 4 Areas of Specialization for Real Estate Licensingin Alberta. The second course that you would do is in one of the specialty areas where you can choose which area of real estate you want to specialize in.
You have to select at least 1 of these courses in order to get your Realtor® License in Alberta. You can always do more than one course, but initially, you need to start with one of courses from the list above.
For Eg: if you want to start off with Residential Real Estate, you get your license as a Residential Realtor®. After that, you can expand your real estate practice into other areas and take additional courses if you want to.
The cost for each of the Courses here is $800. There are approximately 9 units in each of these courses.
Timeline for Course 2 – You get a total of 6 months to complete the 2nd Course that you select.
Timeline for Optional Additional Courses (that you might select infuture after Course 2) –You get a total of 4 monthsto complete the additional courses. Again, this is completely optional.
Total Duration to get Real Estate License in Alberta:
Course 1 Timeline + Course 2 Timeline = 12 months
The exams can be taken at authorized exam centers. You can check out the list of authorized RECA Exam Centers for details. You can book them directly though your myRECA account.
Stick out for other real estate topics. We are glad that we are able to help you in your Real Estate Exam Preparations in some or the other way.
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
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If you are aspiring to be a Real Estate Agent, then this something you need to know.
This is a very common question that we get asked all the time i.e., How to Read a Certificate of Title?
Thus, we decided to share a glimpse of one of our Tutoring Sessionswhere we explain in detail – What is the Certificate of Title as well as explain the different sections of a Certificate of Title.
As a Realtor®, Certificate of Title is required every time we write an offer or when we want to find information about the property before we list the property.
It is also a very important topic that you can expect on your real estate exams as well.
The video below shows a Sample of a Certificate of Title and breaks down all the different encumbrances or registrations that you will see on the title to understand the document completely.
So, let’s dive in –
Hope you enjoyed this topic and learnt the most about the Certificate of Title.
Stick out for other real estate topics. We are glad that we are able to help you in your Real Estate Exam Preparations in some or the other way.
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
We hope you found this information useful. You can also listen to this blog on the Podcast Channel below. Stick to us for our latest updates.
Dower Act is something that all Realtors® are and should be aware of. It is one of the most important topics for all categories of Real Estate Exams. It is also an important topic for buyers to be aware of when it comes to purchasing a property. It deals with matrimonial homes. So basically, if you are married or about to be married, and if you are buying a property, dower act comes into action. This is a very general phenomenon that almost every individual deal within their lifetime.
You can also switch over to the video version below if you prefer watching over reading –
What is Dower Act?
We can define Dower Act as –
Dower Act protects the rights of the untitled spouse in a matrimonial home.
It means if there is one person on the title and that person is married, the rights of the other spouse that is not on the title will be protected with dower act. The title spouse i.e., the person who is listed on the Certificate of Title of the property will not be able to dispose off the property. In other words, they will not be able to sell, mortgage, or lease the property without the consent of the untitled spouse.
What does Dower Act offer?
In a situation where two people are married and only one person is on the title, they will not be able to sell the property without the consent of the second person who is not on the title. This act provides residential safety and security to the untitled spouse, so that they don’t get kicked out of the matrimonial house that they are living in by their common law or legally married partner. However, it is important to note that dower act only safeguards the rights of the spouse and not their children.
How can Dower Act protect you if your titled spouse dies?
You might be wondering, what will happen if the titled spouse dies? if the person who is on the title dies, it then creates a life estate for the untitled spouse in the property. This means that the untitled spouse will be able to use the property. They can then have the full control of the property. It is their right as they were directly related with their partner.
Dower Act offers concrete rights to the spouse that even if the titled spouse has a will, and he has nominated a different beneficiary in the will as the owner of the property after his death, dower can still overpower the will and come into effect, if the untitled spouse is still alive. Once the untitled spouse dies, the estate will then pass to whoever the fee simple owner of the property is. Basically, only then the beneficiary in the will (other than the untitled spouse) will be able to take charge of the property.
Requirements for Dower Act Application
In order to take the benefits of dower act, you need to have the following conditions fulfilled. Only then, dower can be applied –
There should be only 1 spouse in the certificate of title of the property. The spouse should be untitled for the dower act to be applied.
The titled spouse and untitled spouse should be legally married.
Either of the spouses should have lived in the property after getting married. This is a very important point as for the dower act to apply, it should be made sure that the property is used as a living/residential space by at least one of the spouses. Only then dower act can protect the rights of living for the untitled spouse.
It only applies to Residential Properties. The purpose of dower act is to protect the basic rights of retaining the personal residence of a married partner. Thus, it can be applied for residential properties only, and not for business/commercial properties.
Dower Consent and Dower Release
Dower Consent and Dower Release are documents required during the Dower Rights legislation in the Alberta Law. The Dower Act creates Dower rights.
The Dower Act Process
See if all the requirements are met.
Get the Dower Consent or the Dower Release signed by the untitled spouse
If the spouse chooses to sign the dower consent form, the next step would be to add the real estate agent’s consent to the file to keep all the records.
Finalize the deal and transfer the certificate of title on the name of the Untitled Spouse.
Key Takeaways from the Blog
Sample Exam Questions
Example 1 – Definition Question
Which of the following statements best describe the term Dower Act?
A. It protects the rights of the title spouse in the matrimonial home when there’s a soul owner on the certificate of title
B. It protects the rights of the untitled spouse in the matrimonial home when the property is held in joint tenancy option
C. It protects the rights of the untitled spouse in the matrimonial home when there is a sole owner on the certificate of title or
D. It protects the rights of the untitled spouse in the matrimonial home when property is held as tenants in common
Correct Answer: C
Rationale:Here, only Statement C states all the points that define the term Dower Act – untitled spouse, matrimonial home, sole owner on the certificate of title. Thus, the correct answer will be Statement C.
Example 2– Scenario Question
John is a real estate professional with Prime Brokerage helping Sam and Melissa sell their home. On pulling the title for the property, John sees that Melissa is the sole owner of the property as she had purchased the place prior to their marriage. Which of the following statements apply in this situation?
A. Dower Act does not apply as Melissa had purchased the property prior to their marriage.
B. Dower Act does not apply as Sam and Melissa plan to use the property as a rental.
C. Melissa needs to sign a Dower Release and register it on the title of the property.
D. Sam will need to sign a Dower Consent, so Melissa can sell the property.
Correct Answer: D
Rationale: In this case, it doesn’t matter if the property was brought into the marriage or not. If one person had the property prior to the marriage and the person gets married and because either or both the spouses have lived in the property, Dower Act would apply. And thus, the untitled spouse would have to give consent in order for the property to be sold. Here, the untitled spouse would be Sam because Melissa owned the property prior to marriage. But because they’re living in this property right now, dower act will apply. Thus, the correct answer in this case would be Statement D. We would get Sam to sign the Dower Consent.
So, this is Dower Act for you. Learn the concept and all the related terms for Dower Act, when to apply the dower act and how the dower act process takes place. The sample questions should give you an idea about how to take on the topic in the real estate exams. We cover similar topics to make you understand the concept of the topic with relevant examples and practice questions to make your preparations robust.
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
We hope you found this information useful. You can also listen to this blog on the Podcast Channel below. Stick to us for our latest updates.
The Real Estate Exam in Alberta is a very tricky exam. There are a lot of topics to understand. Thus, the Alberta Real Estate Exam Format is also designed to match the format of the content. Alberta Real Estate Exams are multiple-choice and thus, the questions asked in the exam are divided in to:
[I] Definition Questions
Definition Questions go with their name. They do exactly what they say i.e., Terms or Definitions. So, they can either give you a term to define and they will ask you for the definition of that term or they can give you a definition and they will ask you what term that describes. For example, things like real property, real estate, land, GDP,etc.
[II]Scenario Questions
One of the most difficult types of questions to expect in the Alberta Real Estate Exam would be Situational or Scenario Questions. Scenario questions basically ask you who, what, when, where or why of any situation. So, they will give you a scenario and based on that, you will have to answer the given question.
Let’s try to understand some Sample Real Estate Questions with Solutions –
Examples of Real Estate Exam Questions in Alberta
Example 1
Which of the following statements best describes the concept of Scalable Enforcement under RECA’s professional conduct review program?
RECA will consult the courts and other governing bodies to impose disciplinary sanctions
Disciplinary Sanctions will be first carried out by the brokers and then referred to RECA if the same infraction occurs
Industry Professionals will receive sanctions that can and will escalate upon future occurrences of the same activity
Failing to comply with brokerage policies and procedures will result in monetary fines that increase with each breach
Correct Answer: 3
Rationale: So, in this case, it is a Scenario Question. The reason of the statement being true is RECA will put an easier Sanction initially, but if the other party does not improve their behavior and keep repeating the same mistakes again and again, the Sanctions will be higher. So they will escalate upon future occurrences of the same activity.
Example 2
Which of the following statements is an example of an inappropriate inducement?
A brokerage agrees to pay the buyer’s moving costs to close a transaction
A brokerage ad states that it will pay the appraisal fee for all the first time home buyers
A real estate professional agrees to pay the first mortgage payment to get new business
A real estate professional pays for the seller’s window repair to make the sale
Correct Answer: 4
Rationale: So, in this case, they are asking us which of the following is an Inappropriate Inducement. It is a Definition Question. So, you have to understand the Definition of Inducement and apply the understanding of the concept to answer the question. Now, if you have learnt the concept thoroughly, you will know that paying the cost of window repair of a seller is not a Real Estate Agent’s liability. Thus, the answer is 4.
Example 3
Which of the following applies to the payment of Referral Fees?
Real Estate brokerages may be paid Referral Fees by Mortgage Brokerages
Real Estate Professionals may pay referral fees to mortgage brokerage professionals
Real Estate Professionals may pay referral fees to unlicensed individuals if the broker approves
Real Estate Professionals may be paid referral fees by mortgage brokerages
Correct Answer: A
Rationale: This is again a Definition Question. According to the concept of Referral Fees, Real Estate Agents are allowed to pay Referral Fees. However, they have to be paid through the Brokerage and not directly. So, the process goes as – We send Referral Fess to Mortgage Brokerage and then the Brokerage sends the fees to the Mortgage Brokers.
Example 4
Which of the following Disclosures are required by a brokerage when one of its real estate professionals wants to purchase a property that the brokerage has listed for sale?
Disclose to the client the name of the real estate professional
Disclose to the client the existence of a conflict of interest
Disclose to the client the opportunity to seek independent advice
All of the above
Correct Answer: 4
Rationale: If a real estate professional wanted to buy a property that is listed by another agent in the same brokerage, it means that the brokerage is representing the seller. So, in this case, we would have to do some disclosures and we would have to disclose the name of the real estate professional who is involved. We would have to say that there is a conflict of interest and the client will have the opportunity or we have to provide them the opportunity to seek independent advice on how to proceed. Thus, our correct answer here is D – All of the above.
Example 5
The rules require an individual trading in real estate to hold an authorization with RECA unless they are exempt. Which of the following is not exempt?
A person acting directly by statute or court order to dispose of real estate
A bank, credit union, loan corporation, trust corporation or insurance company administering real estate
A full time assistant that holds open houses for a real estate professional
A member in good standing of the Law Society of Alberta when in the practice of law
Correct Answer: C
Rationale: The person who is acting based on a court order and they are auctioning of the property or it’s some sort of a foreclosure and they’re dealing with the property, that person does not require a license anything under the court order does not require a license because they’re only working with one particular property that the court is dealing with. So, they don’t require a license.
Generally, when there’s a foreclosure or anything like that, they will hire a real estate professional to represent and that’s why we don’t have to worry about it. So anything under the court is completely exempt. Also any kind of bank, credit union, loan corporation, all these types of companies are allowed to provide mortgages. Normally, you would require a license from RECA or authorization from RECA in order to get mortgages. However, in this case, these companies fall under their own regulation.
So for example, if it’s an insurance company like Manulife, they give out mortgages but they would fall under the Insurance Act and therefore, they don’t have to go through RECA under the Real Estate Act, Same way, a bank or a credit union they have their own banking regulation or credit union regulations that they fall under and therefore they are exempt from RECA authorization because they already have a similar regulation that they fall under.
Here, Option D states a lawyer. Basically, we will work with lawyers in closing the transactions and lawyers do not fall under RECA’s jurisdiction. Again, because they are under the Law Society of Alberta. They have their own rules that apply to them. In case of Option C, it refers to a full-time assistant that holds open houses for a real estate professional. Now, the problem here is a full-time assistant is not allowed to do open houses. So, this is act in person when we have contract with somebody. We are the ones who are supposed to act on behalf of that person. We are the one with authorization. If a person is working as a full-time assistant that means they’re unlicensed and they’re not allowed to do open houses for us. They’re not allowed to represent a client, sign a contract or do any of those things. So, all those activities require a license. Thus, a full-time assistant would not be able to do this transaction, they would need a license. So they’re not exempt.
Example6
Which of the following groups of statements are correct regarding the Real Estate Act Rules? Choose the correct statements.
The Rules may only be amended by the Provincial Legislature
RECA posts the most current version of the rules on its website
The Rules refer to the Standards of Practice for industry professionals
When contemplating amendments to the Rules, RECA consults with industry professionals and stakeholders
Options:
A. Statements I, II and III
B. Statements II, III and IV
C. Statements I, III and IV
D. All Statements are correct
Correct Answer: B
Rationale: Here, the statements 2, 3 & 4 are correct as RECA is allowed to amend the rules and bylaws. They don’t have to go through the provincial legislature. Only we have to go through the provincial legislature. If there are any sort of amendments required to the Real Estate Act, only provincial legislature can amend it. However, the rules and bylaws can be amended by RECA. Thus, the 1st Statement is not correct. But the other Statements state that RECA will post most current version of the rules on their website. Rules are the standards of practice that we have to follow in our day-to-day. So, they apply to all Real Estate Industry Professionals and then any time when RECA wants to do changes, they will consult industry professionals i.e., us. They will get feedback from all the professionals who would be in that industry plus the stakeholders and change the rules. Therefore, Option B is correct.
These are some great examples of Real Estate Exam Questions that you can expect in the Alberta Real Estate Exams. The examples clearly show the level of complexity these questions can create. Thus, you should understand and learn the concepts whole-heartedly to crack the actual meaning of the questions. Once you breakdown the question in smaller parts, you start to understand the answer they are looking for and you can then answer it without any confusion.
Want to tackle Definition Questions in the Real Estate Exams more confidently? Get all the Important Real Estate Terminology right with Alberta Real Estate School.
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
We hope you found this information useful. You can also listen to this blog on the Podcast Channel below. Stick to us for our latest updates.
